United Arab Emirates
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Over the past year, Asian investors have become pickier about which Gulf credits they buy, and it has felt to some in emerging market bonds that marketing Middle East issuers to them can be futile. But a storming success for Mashreqbank this week demonstrated that engaging Asian investors is worth the jet lag. -
Bond volumes from the Middle East are likely to outstrip last year’s, thanks to some jumbo-sized new issues. But before the giants awake, a debut borrower is set to emerge next week.
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Mashreqbank printed its $500m five year dollar bond on Tuesday, with orders for the deal topping $1.8bn and leads reporting strong Asian demand for the note.
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A pair of Middle Eastern borrowers hit screens announcing bond roadshows on Monday, marking the end of a period of scanty supply for what is expected to be the busiest region in emerging markets bonds this year.
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Emirates Development Bank is lining up to make its debut in bond markets, eyeing a $750m benchmark in February.
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Mashreqbank, the largest privately owned bank in the United Arab Emirates, is embarking on a roadshow to market a dollar benchmark five year fixed rate Reg S senior unsecured bond.
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Nasdaq Dubai has entered into a licensing agreement to offer derivatives based on the FTSE Russell Saudi Arabia equity indices.
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Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside of the oil and gas sectors, has kicked off the year with a $6.5bn term loan facility, as market conditions remain “borrower friendly”.
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The Middle East and North Africa region will provide a large chunk of emerging market bond supply in 2019, investors said this week. The region provides excellent value, in spite of fluctuations in the oil price.
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Dubai Investments Park Development Company has postponed its planned dollar five year sukuk.
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Dubai Investments Park is hitting the road to market a five year fixed rate senior unsecured Reg S only sukuk.
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